Should I close my Capital One account?

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Marcov719
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Should I close my Capital One account?

Postby Marcov719 » Mon Apr 09, 2012 8:57 pm

I'm approaching my first year with my Cap One secured card and I am deciding whether or not to close my account. I only applied for this card because I couldn't get anything else.

Now that I have a American Express Green Charge card I really have no use for it. The only transaction I have every month is a $7.99 fee from Netflix. Would it be a wise choice for me to close my first credit card?

I'm only 21 years old so it's obviously not an aged account. However, if I do decide to close the account is there a specific way of contacting Cap One and cancelling my account on good terms that won't affect my credit score? I plan to apply for AmEx's Blue Cash and/or Chase Freedom card in the next couple of months.


Money card
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Postby Money card » Mon Apr 09, 2012 9:57 pm

There's a specific way to close out your card. Do you have a checking account with them? Did you get the card online?

If they forced you to open an checking account to get the car, what I would do is go down to your bank and rub it in their face and tell them what you want to do. If you don't have a checking account with them, you call on the back of your card, speak with a account mgr.

If Capital One is charging you fees definitely close out your card. Hold onto the card and put it in a souvenoir wallet.

Marcov719
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Postby Marcov719 » Tue Apr 10, 2012 12:26 am

No checking account but I do have an annual fee of 30.00. What specifics should I mention when closing my account? Like you said.

andy1088
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Postby andy1088 » Tue Apr 10, 2012 7:18 am

Marcov719 wrote:No checking account but I do have an annual fee of 30.00. What specifics should I mention when closing my account? Like you said.


I just closed my capital one secured card. I explained to the account manager that I didn't want a card with an annual fee that cost me $30 for a low line of credit ($300) and to see what she could do for me. They could not waive the fee, so I said thank you for trying let's go ahead and close the card. Just be courteous and polite Capital one is not known for top notch customer service, but oh well. I still have a newcomer rewards card with them that I barely use, so my relationship with them is only 50% over. Also any balances don't expect back for a few weeks and they told me my deposit will take about 90 days to come back which is a little ridiculous, but oh well. Good luck and as always YMMV.
My cards
Chase-Sapphire-$5,000 Freedom-$3,000, Amazon rewards-$700, Slate-$600
Citi- Diamond Preferred-$4,000, Thank you-$2,500
Discover IT-$2,500
Bank of America cash rewards-$2,000
Capital one newcomer rewards-$500

bernhardtra
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Postby bernhardtra » Wed Apr 11, 2012 11:00 am

Closing the card still reports as a good credit line to the bureaus. You can try for another card with them through their pre-approval process. This process only does a soft inquiry to you report and it matches you to the cards you will probably qualify for. You can also try HSBC as they also do a soft inquiry and matching process. If they say you qualify for one of their no fee cards, then you could probably qualify for a card with a good company. If you got the Amex Green you should be OK. You can also go to Credit Karma and get a good idea about how your score looks now. It is free and they give an explanation about why your score is what it is. You should go for the Chase card as you don't have an account with them. Amex might have a waiting period or rule about multiple accounts.
EX 686 TU 690

Cap One $500 6/10 closed no CLI 7/12
Cap One $2000 9/10
Household $500 9/11
Merrick Bank $2800 10/07
Marathon $900 10/11
Bealls $950 10/11
Marathon Visa $2500 6/12 Yeah finally a good limit card!
Barclays Rewards MC $1500 8/12
Belks $800 8/12
Walmart $1000 8/12

Marcov719
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Postby Marcov719 » Thu Apr 12, 2012 12:28 am

bernhardtra wrote:Closing the card still reports as a good credit line to the bureaus. You can try for another card with them through their pre-approval process. This process only does a soft inquiry to you report and it matches you to the cards you will probably qualify for. You can also try HSBC as they also do a soft inquiry and matching process. If they say you qualify for one of their no fee cards, then you could probably qualify for a card with a good company. If you got the Amex Green you should be OK. You can also go to Credit Karma and get a good idea about how your score looks now. It is free and they give an explanation about why your score is what it is. You should go for the Chase card as you don't have an account with them. Amex might have a waiting period or rule about multiple accounts.


I just checked my score and not what I expected it to be. :( What is hurting me is age of account and 4 hard inquires. :mad:

Crashem
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Postby Crashem » Fri Apr 13, 2012 12:47 pm

If your only cards are your Capital One and AMEX, I would wait a bit before closing capital one as it is your only revolving credit line (amex is charge card and doesn't count for most fico models). You need to get another major credit card or 2 before closing that capital one.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

JCarter
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Postby JCarter » Fri Apr 13, 2012 8:16 pm

Crashem wrote:If your only cards are your Capital One and AMEX, I would wait a bit before closing capital one as it is your only revolving credit line (amex is charge card and doesn't count for most fico models). You need to get another major credit card or 2 before closing that capital one.


+1. You'll really want to establish yourself with at the very least (2) more cards.

Marcov719
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Postby Marcov719 » Sun Apr 15, 2012 2:16 pm

JCarter wrote:+1. You'll really want to establish yourself with at the very least (2) more cards.


I think you're right and when the times is right I'll apply for a new and better card.



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